Cannot connect to server on airport extreme
I just connected an external HD to my airport extreme (latest model) to use as my time machine backup. I get the message: "There was a problem connecting to the server 10.0.1.1 The server may not exist or it is unavailable at this time. Check the server name or IP address, check your network connection and then try again."
I am getting the LAN IP from Airport Utility and then going into finder under "Go" > "Connect to server". When I enter the LAN IP and hit connect, I get the above message. I am running a 2011 iMac with current edition of Yosemite. I tried connecting on my 2014 Macbook Pro as well and get the same message. I have no problem connecting to the internet via the AE. All software is current.
iMac, OS X Yosemite (10.10.2), 2011 iMac, 2.5 GHz Intel Core i5